Thursday, October 27, 2016

11-storey rental building OK’d for Uptown; tallest in Saanich







/ TIMES COLONIST
OCTOBER 26, 2016 10:16 PM
http://www.timescolonist.com/news/local/11-storey-rental-building-ok-d-for-uptown-tallest-in-saanich-1.2374829


A proposal for the largest rental building in Saanich —and the tallest building
of any kind — has received an unanimous nod from municipal council.
The 11-storey building at Carey Road and Ravine Way will complete the
four-stage Uptown complex and provide 134 apartment units and seven
townhouses adjacent to the Whole Foods site, due to open within weeks.
It will have a stepped design, going from four storeys to 11.
Carol Hamill, president of the Mountview Colquitz Community Association,
called the building “well designed and nice looking” — vastly preferable to the
"horrible” 30-storey-tower contemplated by developer Morguard Investments
Ltd. about 10 years ago.
But commercial traffic has increased in the neighhourhood and the residences
will compound that. Already, right turns are permitted on Carey Road, something
 project proponents said would not happen, the association said.
Still, she told a public hearing that the building will be “be a landmark, visible
for miles” that makes an exciting statement as the first piece of the skyline for
the Saanich core.
Mayor Richard Atwell noted how far the site has come since its Town and
Country days, when the Saanich end of Douglas Street was basically “a large
parking lot with stores at the back — it’s turned out to be a very good project.”
But it’s the kind of place that people have to enter to experience, given its
fortress-style exterior facing roadways, he said. To the good, much of the parking,
including for Walmart, is underground. For such a large project, first approved in
2007, opposition at the public hearing was minimal, he said.
Morguard did not give a start and completion date at the public hearing.
Hamill said the solution to traffic issues requires Saanich council to take control
from the B.C. Ministry of Transportation, for Vernon Avenue and Blanshard
Street on one side of Uptown and Douglas Street on the other as they are no
longer highways but used by cyclists, pedestrians and jaywalkers.
The tallest Saanich apartment is currently six storeys at Burnside and Tillicum
Roads, with the eight-storey Shire on Quadra under construction and the tallest
office building at eight storeys, said Jarret Matanowitsch, Saanich manager of
current planning.
The Uptown residential units will sit atop at least two storeys of retail space of
5,157 square metres.
Most of the units — 104 — will have one bedroom.
While council sought to have some units designated as “affordable,” Morguard
said that 60 per cent will be within the income range of a couple each working
full-time at $15 an hour based on Canada Mortgage and Housing Corp. levels
for spending under 30 per cent of pre-tax wages.
Hamill said she does not believe workers at Uptown will be able to afford rent
for the apartments.
The apartments will fill the gigantic hole left for several years adjacent to Whole
Foods, when development slowed in the wake of the global financial crisis in 2008,
Atwell said.
Parking space requirements were reduced from 1.5 per unit to 0.55 — with the
idea that unused retail parking could be accessed and Morguard would provide
discounted passes to ride buses from B.C. Transit stops near the building.

© Copyright Times Colonist

Monday, October 17, 2016

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Tuesday, October 04, 2016

Victoria Housing Market Chills Out For Fall

A total of 781 properties sold in the Victoria Real Estate Board region this September, an increase of 10.9 per cent compared to the 704 properties sold in September last year.

Inventory levels remain lower than last year, with 2,061 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2016, 40.7 per cent fewer than the 3,478 active listings at the end of September 2015.

"This is the lowest level of inventory on the market in September that we have on record [since 1996]," notes Mike Nugent, 2016 President of the Board. "This continuing lack of inventory holds up sales. The market is still strong, but not moving at the pace we saw earlier in the year. This slowdown is typical with what we expect in the fall to winter season and may be more pronounced as a result of buyer fatigue, due to the lack of available inventory."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2015 was $607,100. The benchmark value for the same home in September 2016 has increased by 22.8 per cent to $745,700.

"We have already exceeded the number of sales that we saw in 2015, with a full quarter remaining in the year," adds President Nugent. "And there is still strong demand, thanks to underlying fundamentals in our province - the GDP is up, employment numbers are up, retail and population growth is up. All of these contribute to current market conditions. We also see no indication that the new foreign buyer Property Transfer Tax in Metro Vancouver has pushed foreign buyers into our market in a substantial way, though we continue to track that as a possibility."

The graphic below shows market price activity in 3 areas over the past year

If you are considering buying or selling anywhere on the South Island, call Lorne Tuplin today 250-217-4600!